Meet the Wilsons Part2 - Fergus goes mad on Radio 5

scousethife

MissMoneypenny wrote: »

What happens if those tenants decide to move out before the houses complete and the Wilson's have 62 mortgages to pay until they sell (and that could be quite a while if he thinks his properties haven't dropped in price)? I wonder if they have negotiated a deal with their lender?

Probably Gordon Brown makes up bail them out as well as all the shlt banks too.

neverdespairgirl

I had a look at that website - which is very odd. It appears to be trying to sell something, but no details of what!

Anyway, looking at the examples page, the valuations look optimistic to me:

http://www.jwipb.co.uk/prop.asp

Example 2, a 2 bed semi in Hawkinge, says Cost of Purchase: £132,000 Capital employed: £ 19,800 Value (today): £185,000

An absolutely tiny looking 2 bed, closest I can find on RM:


(1) asking price £165k

http://www.rightmove.co.uk/viewdetails-22408388.rsp?pa_n=1&tr_t=buy&mam_disp=true

(2) asking price £150k


http://www.rightmove.co.uk/viewdetails-23330735.rsp?pa_n=2&tr_t=buy&mam_disp=true

So even on asking price alone, it's sure as hell not £185k

Example 2, a 2 bed mid-terrace in Hawkinge:


Date of purchase: December 2002
Cost of Purchase: £120,000
Capital employed: £ 18,000
Value (today): £175,000

Looking on RM, the absolutely most expensive 2 bed terrace in the whole of Hawkinge is on at £178k, and has been on since April without even going SSTC or under offer.

http://www.rightmove.co.uk/viewdetails-10282488.rsp?pa_n=1&tr_t=buy&mam_disp=true

A similar one to the pic shown is on at £133k

http://www.rightmove.co.uk/viewdetails-18986236.rsp?pa_n=2&tr_t=buy&mam_disp=true

Example 4, a tiny-looking boxy 4 bed detached with integral garage:

Date of purchase: October 2002
Cost of Purchase: £160,000
Capital employed: £ 24,000
Value (today): £280,000

£280k, my foot. There are 6 x 4 bed detached houses on for under £200k, most of which look similar to the example, or bigger (such as a separate garage, not taking up space on the ground floor). A couple are here:

http://www.rightmove.co.uk/viewdetails-15083596.rsp?pa_n=1&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-17446477.rsp?pa_n=1&tr_t=buy&mam_disp=true

4 bed detacheds offered at £280k to £300k are much bigger than the example on the website, such as these two, which look massive :

http://www.rightmove.co.uk/viewdetails-22519460.rsp?pa_n=10&tr_t=buy&mam_disp=true

http://www.rightmove.co.uk/viewdetails-18650071.rsp?pa_n=10&tr_t=buy&mam_disp=true

Or this kind of huge, double-fronted Victorian detached:

http://www.rightmove.co.uk/viewdetails-14365751.rsp?pa_n=13&tr_t=buy&mam_disp=true

Cloud cuckoo land!

brit1234

So with what you have just said and what people have said about Fergus valuations on the radio it appears the Wilsons are lying about wealth. They must be in real big trouble now.

Lets have a guess of bankrupt by January.:D

dopester

But in the same week Bradford & Bingley went to the wall, the Wilsons - once the bank's most cherished customers - decided to start selling their portfolio.

However, the increased cost of borrowing has finally caught up with them and they have identified for sale 18 houses that they bought in 2003 that are now coming off their five-year fixed rate deals, typically 4.5%.

By the time the houses go on the market in March next year, they will be joined by 50 to 60 more. 'House sales should have started to move by then and these are ideal starter homes,' says Fergus. 'All are new properties - we only ever bought new-build - and they cost us about £110,000 in 2003 and now sell for around £180,000.'

The Wilsons claim the prices of their homes have been static for the past three months, but estate agent Glen Wright, of Martins in Ashford, reckons they have plummeted 20% in the past year. He says: 'Two-bedroom resale houses priced at £165,000 a year ago now sell for £140,000 - if you are lucky. The market is paralysed.'

http://www.thisismoney.co.uk/mortgages/buy-to-let/article.html?in_article_id=455442&in_page_id=56&position=moretopstories

GDB2222

neverdespairgirl wrote: »

Or this kind of huge, double-fronted Victorian detached:

http://www.rightmove.co.uk/viewdetails-14365751.rsp?pa_n=13&tr_t=buy&mam_disp=true

That one's rather a nice-size house, I agree, although it suffers from being much more expensive than the houses around it. On at £300k currently "chain-free" and :-
5 Hunter Road
Freehold (Detached)
Sold for £350,000 on 26 Jul, 2004.

Lotus-eater

'All are new properties - we only ever bought new-build - and they cost us about £110,000 in 2003 and now sell for around £180,000.'

What a truly revolting couple, I wouldn't buy a house off them on principle, I do hate those that brag and to do that on such on monumental scale....... when you have prevented so many young couples, in such a small area buying a house.

The feelings in Ashford must be running high and I bet its not in the Wilsons favour,

guppy

brit1234 wrote: »

So with what you have just said and what people have said about Fergus valuations on the radio it appears the Wilsons are lying about wealth. They must be in real big trouble now.

Lets have a guess of bankrupt by January.:D

I think its harsh to call them liars...more like completely delusional - they actually seem to believe what they say!

Definitely heading for a fall though

MissMoneypenny

neverdespairgirl wrote: »

Example 2, a 2 bed semi in Hawkinge, says Cost of Purchase: £132,000 Capital employed: £ 19,800 Value (today): £185,000

I had a nose at a few of those newish builds in Hawkinge 5 years ago. They were tiny and a lot of them had right of ways over them (which was really weird for new builds) and bathrooms with no windows. One in Hunt Close had an asking price of 110K and the EA said they were open to offers.

I looked at some 3 bed terraces as well and they were slightly better and they had a garage. As I recall, the asking prices were about 120k for a 3 bed and again open to offers.

A new build 3 bed detached was being built near the rough council estate (builder had put wire up to stop the kids climbing over) and one of the builders told me some people had more money than sense as it had already been sold to a BTLer. As I recall, it had a price tag of about 160K.

PasturesNew

Has anybody calculated their potential CGT bill?

neverdespairgirl

Someone else's turn!